EastNets to Kick Off Sibos 2013 With Two Specialized Sessions on FATCA and SEPA Compliance

Two of the Industry's Hot Topics This Year Are Covered by EastNets Solutions

NEW YORK, NY and DUBAI, UNITED ARAB EMIRATES--(Marketwired - Sep 19, 2013) - EastNets, a leading global provider of compliance and payments solutions and services, will be conducting two key sessions during this year's Sibos, the world's premier financial services event running from September 16 to 19, 2013 at the Dubai World Trade Centre.

On the opening day of Sibos 2013, EastNets will hold an Open Theatre Session to explain how foreign financial institutions can handle the technical challenges they will face with the application of the US Foreign Accounts Tax Compliance Act -- FATCA. The Act came into effect in January 2013 and is part of efforts by the US Government to prevent offshore tax evasion.

EastNets will once again take to the stage on the last day of the conference to talk about strategies for leveraging the Single Euro Payments Area or SEPA framework for the optimization of euro payments outside of Europe. SEPA is a payment-integration initiative of the European Union (EU) that streamlines bank transfers denominated in euros. It covers all 28 EU member states plus the four members of the European Free Trade Association and Monaco.

"Sibos is the main annual event of the global financial services community making the event an ideal platform for EastNets to discuss issues surrounding two critical topics: FATCA and SEPA. Although we offer solutions to ensure proper transactions under these areas, it is vital that financial service firms fully understand their mechanisms, their industry impact, and the tools and best practices to properly manage them," said Hazem Mulhim, CEO of EastNets.

EastNets specialized solution -- en.SafeWatch FATCA enables foreign financial institutions to comply with FATCA using proven technology within EastNets' suite of anti-money laundering solutions. It can deploy as a standalone Installation or as an add-on Feature Pack to the regular en.SafeWatch Profiling solution.

Another EastNets solution, en.PaymentSafe, helps banks, corporates, financial institutions and payment service providers or PSPs effectively address SEPA migration. The payment messaging hub includes a set of SEPA-dedicated processing tools that can transform, automate and connect rapidly to SEPA infrastructures at low cost without compromising legacy back-office infrastructure and accounting/financial systems.

Sibos is an annual conference, exhibition and networking event organised by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global provider of secure financial messaging services, for the financial industry. It gathers some 7,000 decision makers and experts and nearly 200 exhibitors to collectively shape the future of the global financial industry.

EastNets provides solutions and services to over 1,000 customers in 120 countries, including 22 of the world's top 50 banks. It hosts one of the largest networks of Society for Worldwide Interbank Financial Telecommunication (SWIFT) Service Bureaus, serving over 260 firms around the world. EastNets is headquartered in Dubai with 16 offices across Europe, North America, the Asia-Pacific, and the Middle East.